WHAT IS CONKORDATO?

We have heard the word concordat in recent times, so what is concordat, what to declare concordat and concordat and the terms of concordat you can find information about the terms in this article.

Borrower's agreement with his creditors to pay his debts. The bankrupt merchant or the debtor who is being monitored due to debts prepares a concordat proposal and proposes to pay the debts by adding a detailed balance sheet.

Conditions of concordat; what percentage of debts will be paid. This ratio cannot be less than 50% for non-bankrupt borrowers. There is no condition in bankruptcy concordat.

If the proposal given to the Executive Audit Authority is deemed appropriate, the debtor is given a two-month concordat period. Execution proceedings against the debtor shall stop within this period. The concordat commissioner appointed by the executive holds the first meeting with the creditors.

If the majority of the creditors accept the concord, the debt is paid according to the methods and amounts determined at this meeting. In this way, the borrower gets rid of a part of his debts and gets the rest to have a suitable payment plan for himself.

Debtors and creditors may decide between themselves and the concordat. With this agreement called the term balance sheet, the borrower is given a new period for payment.